The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Herald National Bank -- HNB
June 07 2011 - 4:12PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Herald National Bank (“Herald” or the “Company”) (NYSE/AMEX: HNB)
for possible breaches of fiduciary duty and other violations of
state law in connection with the sale of the Company to BankUnited,
Inc (NYSE: BKU). Under the terms of the transaction, holders of HNB
common and preferred stock may choose to receive cash or BKU common
stock for a value equal to $1.35 plus the value of 0.0990 shares of
BKU common stock. The transaction values HNB common and preferred
stock at $4.13 per share, for a total transaction value of
approximately $22.9 million in cash and 1.7 million BKU common
stock shares. The transaction is valued at about $72 million.
Click here to learn how to join the action:
http://www.zlk.com/herald-national-bank-hnb.html, or call:
877-363-5972.
The investigation concerns whether the Herald Board of Directors
breached their fiduciary duties to Herald stockholders by failing
to adequately shop the Company before entering into this
transaction and whether BankUnited, Inc. is underpaying for Herald
shares, thus unlawfully harming Herald stockholders.
If you own common stock in Herald and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free:
(877) 363-5972, or visit
http://www.zlk.com/herald-national-bank-hnb.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation. The attorneys at Levi & Korsinsky have been
appointed by numerous courts throughout the country to serve as
lead counsel on behalf of shareholders in major litigations
involving mergers and acquisitions. For more information, please
feel free to contact any of the attorneys listed below. Attorney
advertising. Prior results do not guarantee similar outcomes.
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